Commodity Strategies Fund

Inst: BICSX A: BCSAX C: BCSCX

Commentary as of 06/30/21 ★★★★★ Morningstar OverallTM

● The fund posted returns of 10.06% (Institutional shares) and 9.89% (Investor A shares, Institutional shares rated against 97 Commodities Broad without sales charge) for the second quarter of 2021. Basket Funds, as of 6/30/21, based on risk-adjusted total return. Ratings are determined monthly and subject to ● During the quarter, the majority of the fund's underperformance relative to the change. The Overall Morningstar Rating for a fund is benchmark was due to its agriculture equity exposure. derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if ● At quarter-end, the fund had overweight positions in the industrial metals sub-industry applicable) Morningstar Rating metrics.‡ and the energy sector, and underweight positions in the precious metals & minerals and agriculture & livestock sub-industries. The largest absolute equity exposure was Portfolio management to energy. Alastair Bishop, Elliott Char, Hannah Johnson, Rob Shimell Contributors Detractors

Toward the end of the quarter, the fund’s The fund s off-benchmark exposure to Top 10 holdings (%) off-benchmark exposure to energy agriculture and nutrition equities Chevron 2.44 equities performed well. Canadian oil and detracted from returns. At a stock level, gas producer Tourmaline Oil, for Jamieson Wellness was one of the largest Royal Dutch Shell 1.96 example, added value due to the rise in oil detractors as the health and wellness Totalenergies Se 1.53 prices. The company also agreed the company’s share price gave back some of Vale Sa 1.34 purchase of privately owned Black Swan the strong gains it made in 2020. ConocoPhillips 1.33

Energy, a move that was well received by Elsewhere, the fund s commodity futures investors and further consolidated the exposure weighed on returns. ExxonMobil 1.32 group’s exposure to North Montney shale Anglo American Plc 1.07 resources. Newmont Corporation 0.89 Canadian Natural Resources Ltd 0.82 Further insight Rio Tinto Plc 0.81 We believe inflation expectations could continue to rise throughout 2021. Historically, commodities and natural resources equities have performed well in absolute terms and relative to broader equity markets during periods of rising inflation expectations. In the Investment approach energy space, COVID-19 vaccine rollouts and economic recovery should lead to rising oil Invests in two strategies, approximately demand. Meanwhile, production by non-members of the Organization of the Petroleum equally. One strategy focuses on Exporting Countries is likely to move into structural decline. In mining, mined commodity commodity-linked derivatives, the other demand should be supported by fiscal stimulus and increased infrastructure spending this year, and, in the long term, by the transition to a lower-carbon economy. In the agriculture focuses on equity investments in sector, improving crop prices should both persist and benefit upstream agriculture. We also commodity-related companies, including continue to see structural growth opportunities in nutrition. mining, energy and agricultural companies.

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USRRMH0721U/S-1736342-1/2 Average annual total returns (%) as of 6/30/21

2Q21 YTD Since (not annualized) (not annualized) 1 Year 3 Year 5 Years 10 Years Inception1 Institutional 10.06 18.73 42.18 6.93 5.93 — 0.09 Investor A (Without Sales Charge) 9.89 18.62 41.76 6.68 5.66 — -0.13 Investor A (With Sales Charge) 4.12 12.39 34.32 4.78 4.52 — -0.69 Morningstar Commodities Broad Basket Category Avg. 13.11 22.37 48.08 3.58 3.25 -4.08 — Bloomberg Commodities2 13.30 21.15 45.61 3.90 2.40 -4.44 — Expenses for Institutional shares: Total 1.04%; Net, Including Investment Related Expenses (dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses) 0.72%. For Investor A shares: Total 1.40%; Net, Including Investment Related Expenses 0.97%. Institutional and Investor A shares have contractual waivers with an end date of 09/30/2021 terminable upon 90 days' notice. For certain share classes, BlackRock may voluntarily agree to waive certain fees and expenses in which the adviser may discontinue at any time without notice. Expenses stated as of the fund’s most recent prospectus. Data represents past performance and is no guarantee of

future results. Investment returns and principal values may fluctuate so that an investor✁ s shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of dividends and capital gains. Current performance may be lower or higher than that shown. Refer to blackrock.com for most recent month-end performance. Investment returns reflect total fund operating expenses, net of all fees, waivers and/or expense reimbursements. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Share classes have different sales charges, fees and other features. Returns with sales charge reflect deduction of current maximum initial sales charge of 5.25% for Investor A shares. Institutional shares have no front- or back-end load. Institutional shares have limited availability and may be purchased at various minimums. See prospectus for details. Net Expenses Excluding Investment Related Expenses for Institutional shares: 0.72%; for Investor A shares:0.97%.

Important Risks: The fund is actively managed and its characteristics will vary. Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions. Holdings shown should not be deemed as a recommendation to buy or sell securi- ties. Investing in commodity-linked derivatives and commodity-related companies may increase volatility. Price movements are outside of the fund’s control and may be influenced by weather and climate conditions, livestock disease, war, terrorism, political conflicts and economic events, interest rates, currency and exchange rates, government regulation and taxation. International investing involves special risks includ- ing, but not limited to political risks, currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerg- ing markets. Investments in natural resources industries can be affected by variations in commodities markets, weather, disease, embargoes, political and economic developments, taxes and other government regulations. Futures trading can lead to large losses. Trading losses can sharply reduce the value of an interest in the fund. The fund may trade foreign futures contracts. Transactions on markets outside the United States may be subject to regulations that offer different or diminished protection. Commodity futures exposure is achieved through invest- ments in, but not limited to, commodity-linked notes, swap agreements, commodity options, futures and options on futures. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility. The opinions expressed are those of the fund’s portfolio management team as of June 30, 2021, and may change as subsequent conditions vary. Information and opinions are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy.

1 Fund inception: 10/3/11. 2 The unmanaged Bloomberg Commodity Index is comprised of exchange-traded futures on physical commodities.‡ The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a

Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product✂ s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.The fund was rated against the following numbers of U.S.-domiciled Commodities Broad Basket funds over the following time periods:97 in the last 3 years and 82 in the last 5 years. With respect to these Commodities Broad Basket funds, the fund received a Morningstar Rating of 4 and 5 stars for the 3- and 5-year periods, respectively.Other classes may have different performance characteristics. You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and, if available, the summary prospectus contain this and other information about the fund and are available, along with information on other BlackRock funds, by calling 800-882-0052 or from your financial professional. The prospectus should be read carefully before investing. ©2021 BlackRock, Inc. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. Prepared by BlackRock Investments, LLC, member FINRA.

Not FDIC Insured • May Lose Value • No Bank Guarantee

07/21 — Commodity Strategies Fund Want to know more? blackrock.com

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